Well its been 3 days now since we made the offer and still no word. Friday, I placed an offer on a foreclosed condo up in Rogers Park, a Chicagoland Neighborhood just north of the city along the lake. Its a two bedroom, two bath condo conversion that foreclosed a little over a year ago. It is a bit of a diamond in the rough, there is absolutely no kitchen, and it needs some trim and finishing, but it has new hardwood, and new although very cheap bathrooms.
I received an email from Hannah my realtor late friday afternoon, saying she spoke with the banks’ agent, and he said that his client usually turns around an offer in 24hrs, and that we should expect to hear from him late that evening or sometime this weekend which has now gone and past.
I am a little worried, I don’t know if the lack of a response is a good thing, or a bad thing. The asking price for this unit is quite low compared to any other 2br/2b in the area, but it does need a considerable amount of work. I offered just above 80% of the asking price which I actually think is quite fair. We didn’t want to aim so low as to not warrant a counter but felt that with the uncertainty surrounding the looming recession and the length of this housing slump we are in this was still a reasonable offer.
I am pretty nervous as this is the first house I have put an offer on and is a big step in my life towards creating a financially secure and sustainable future.
Tagged: Real Estate, Real Estate Investing